In this article, we will discuss Mad Rabbit’s net worth and journey before and after in the shark tank.
Mad Rabbit Net Worth 2022
Even while tattoos last forever, some eventually lose their novelty. Mad Rabbit offers aftercare products for tattoos to prevent deterioration and keep your body art looking colorful. The founders Selom Agbitor and Oliver Zak pitched the concept on Shark Tank, who also signed a deal with Mark Cuban. Mad Rabbit is expected to be worth $12 million in 2022.
Selom Agbitor is a native of Accra, Ghana, but Oliver Zak was raised in Cleveland, Ohio. At Miami University, they met as college students after arriving from quite different parts of the world.
As they progressed to join the Delta Sigma Phi fraternity, he introduced them to one another. Oliver and Selom are successful businesspeople who launched a dropshipping store for women’s swimwear.
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The two worked extremely hard to launch the business. They bought to sell the swimwear company even before they reached senior status since it became so profitable.
The Company
Selom Agbitor is a native of Accra, Ghana, but Oliver Zak was raised in Cleveland, Ohio. At Miami University, they met as college students after arriving from quite different parts of the world.
Oliver thought of introducing a line of tattoo aftercare products soon after marketing the business. He had several tattoos but had no idea how to prevent discoloration. Oliver told his business partner about it, but Selom was initially dubious.
They discovered that there weren’t many competitors in the product’s market after doing some investigation. They once more rolled up their sleeves and started working. In 2019, they each put $300 into creating the first tattoo moisturizing balm.
Mad Rabbit earned $400,000 in the first year by just selling the Tattoo Balm. For 2020, they added new products such as lotions and gels and generated $2.8 million in revenue. In addition to direct sales, they provide a subscription service.
Shark TankÂ
By 2021, Selom and Oliver were already prospering, but they wanted to make Mad Rabbit the spokesperson for the tattoo aftercare industry. They appeared on Shark Tank season 12 in pursuit of $500,000 for 5%.
The $10 million valuation astounded the Sharks, fortunately without hurting them. Thankfully, they had sales to support it. They were earning $300,000 per month with a 20% revenue margin at the time of the pitch. It was also amazing that neither of them was a full-time employee of the Company.
The first to express interest was Kevin O’Leary, who suggested a $500,000 loan at 9.75% interest for 5% equity. On the other hand, Cuba offered the same amount for 12% equity. The founders had time to reflect and wanted Lori on board, but they chose Mark’s offer.
Selom and Oliver quit their jobs after Shark Tank to focus solely on the business. Since the deal with Mark Cuban ended, the billionaire has become the Company’s biggest shareholder. The creators disclosed that the gift offered them a welcome financial boost and caused people to contact them offering to help.
Along with new types of lotions, the Company expanded its product portfolio to include a tattoo sunscreen. Amazon, Urban Outfitters, and MadRabbit.com have products in their storefronts. They proudly acknowledge on their website how they’ve assisted in safeguarding more than 1,705,000 tattoos.
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They agreed to a one-of-a-kind, three-year digital media deal with Inked Magazine in January 2022. Mad Rabbit is the only tattoo aftercare product available on Inked’s website and flagship store in New York City. Additionally, they will gain access to Inked’s 60 million social media followers.
The Company was on track to earn $12 million in revenue as of May 2021, with year-to-date sales of $4 million. Mad Rabbit funded an extra $4 million to support further development, in which Cuban also took part.
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Mad Rabbit is worth $12 million and earns an estimated $10 million annually. Mad Rabbit has prioritized earnings over advancement because of their significant marketing expenditure. Due to the favorable financial climate, they might eventually have to cut back on marketing.
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